Frontmatter -- Contents -- Tables -- Figures -- Preface -- Abbreviations -- 1 Introduction -- 2 The MC Model -- 3 Interest Rate Effects -- 4 Testing the NAIRU Model -- 5 U.S. Wealth Effects -- 6 Testing for a New Economy in the 1990s -- 7 A "Modern" View of Macroeconomics -- 8 Estimated European...

In this book Ray Fair expounds powerful techniques for estimating and analyzing macroeconometric models. He takes advantage of the remarkable decrease in computational costs that has occurred since the early 1980s by implementing such sophisticated techniques as stochastic simulation. Testing...

[...]It seems clear that the Federal Reserve’s policy behavior overthe 1979:4-1982:3 period (which I refer to as the “earlyVolcker” period) differed from that of other periods.1 Thestated policy of the Federal Reserve during this period was tofocus more on monetary aggregates than it had...

How inflation and unemployment are related in both the short run and long run is perhaps the key question in macroeconomics. This paper tests various price equations using quarterly U.S. data from 1952 to the present. Issues treated are the following. 1) Estimating price and wage equations in...